Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong market breadth stays strong despite market pullback in November.  Mainland investors continue to increase exposure to HK market through Southbound Connect platform.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> , the global leader in Robotaxis, was granted a license to start operating its autonomous cars in Hong Kong.
</li>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> shares surged on takeover rumours after <a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a> increased its stake to more than 12% allowing them to call a Board meeting.
</li>
</ul>


Hong Kong market breadth stays strong despite market pullback in November.  Mainland investors continue to increase exposure to HK market through Southbound Connect platform.

Baidu (9888 HK) , Baidu (BIDU US) , the global leader in Robotaxis, was granted a license to start operating its autonomous cars in Hong Kong.


Vitasoy Intl Holdings (345 HK) shares surged on takeover rumours after Yeo Hiap Seng (YHS SP) increased its stake to more than 12% allowing them to call a Board meeting.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NTES US: NetEase Denies Full Staff Layoff at Shenzhen Game Division, Clarifies It’s a Product-Specific Adjustment (/)</li>
<li>NTES US: NetEase officially Named Their Urban Open-World RPG &lt;Project Mugen&gt; as &lt;Ananta&gt; (+)</li>
<li>NTES US: NTES US: NetEase Closes Overseas Studio "Worlds Untold" (/)</li>
</ul>


NTES US: NetEase Denies Full Staff Layoff at Shenzhen Game Division, Clarifies It’s a Product-Specific Adjustment (/)
NTES US: NetEase officially Named Their Urban Open-World RPG &lt;Project Mugen&gt; as &lt;Ananta&gt; (+)
NTES US: NTES US: NetEase Closes Overseas Studio "Worlds Untold" (/)


[Blue Lotus Daily-TMT Update]:NTES US/700 HK/1024 HK/BIDU US/BABA US/KC US

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>None of the companies that we are tracking got any approval for November batch.</li>
</ul>


China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
None of the companies that we are tracking got any approval for November batch.


Tencent/Netease: Second Month of Game Approval Disappointment

<ul>
<li>3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)</li>
<li>BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)</li>
<li>TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)</li>
</ul>


3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)
BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)
TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)


[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

<ul>
<li>Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)</li>
<li>3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)</li>
<li>BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)</li>
</ul>


Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)
3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)
BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)


[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

Hong Kong market breadth is high as mainland investors continue buy HK shares. Baidu, the largest Robotaxi operator was granted license to operate...

David Mudd

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/1024 HK/BIDU US/BABA US/KC US

NetEase denies full staff layoff in Shenzhen game division, renames RPG project, and closes overseas studio. Tencent Announces Video Generation...

Blue Lotus Research Institute

Tencent/Netease: Second Month of Game Approval Disappointment

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November, which is the second consecutive month in...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

Hong Kong market breadth is high as mainland investors continue buy HK shares. Baidu, the largest Robotaxi operator was granted license to operate...

David Mudd

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/1024 HK/BIDU US/BABA US/KC US

​NetEase denies full staff layoff in Shenzhen game division, renames RPG project, and closes overseas studio. Tencent Announces Video Generation...

Blue Lotus Research Institute

Tencent/Netease: Second Month of Game Approval Disappointment

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November, which is the second consecutive month in...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

​China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

​China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

NetEase denies full staff layoff in Shenzhen game division, renames RPG project, and closes overseas studio. Tencent Announces Video Generation...

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...